Endowment plan is a life insurance policy that provides insurance as well as savings. An individual buying an endowment plan has the benefit of saving money over a specific period of time. The policy holder gets a lump sum on the maturity of the endowment plan. The policy includes life assurance, so it will also pay sum assured + accrued bonus, if the policy holder dies during the term of the policy.
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There are various types of endowment plans. Listed below are the ones that you can choose from:
A rider is a provision of an insurance policy that adds to the coverage or terms. Most riders add coverage for an additional amount. These are some optional riders that can be availed along with an endowment plan by paying an additional amount:
The documents required to apply for an endowment policy are listed below:
Endowment policies are similar to the regular life insurance policies and are an investment product that can be bought from a life insurance company. The benefit of the endowment policy is not only it provides an insurance cover, but also helps the policy holder build a corpus over a period of time. The sum assured along with the bonus is paid to the policy holder on maturity. Typical maturity periods are ten, fifteen or twenty years up to a certain age limit. In case of death of the policy holder before the maturity period, the insurer needs to pay the amount as it also provides life insurance.
Endowment policy is a risk free investment option. It should be bought by individuals who wish to ensure life cover for their family as well as build a corpus to fulfill long term investment objectives. People who have a steady flow of income can buy regular premium plans that would allow the policy holder pay premiums regularly. People who want to invest money to get long term benefits can avail an endowment policy.
There are various endowment policies available in the market. You must choose the policy based on needs. There are various factors that must be kept in mind before choosing an endowment plan:
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